Global-Regulation

Westpac Bank of Tonga (Amendment) Act 2015


Act 1 of 2015





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WESTPAC BANK OF TONGA

(AMENDMENT) ACT 2015


Westpac Bank of Tonga (Amendment) Act 2015 Arrangement of Sections





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Act 1 of 2015 Page 3




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WESTPAC BANK OF TONGA (AMENDMENT) ACT

2015

Arrangement of Sections

Section

1 Short Title .............................................................................................................. 5
2 Section 3 amended ................................................................................................. 5
3 New section 14 inserted ......................................................................................... 5




Westpac Bank of Tonga (Amendment) Act 2015 Section 1





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Act 1 of 2015 Page 5




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WESTPAC BANK OF TONGA (AMENDMENT) ACT

2015

Act 1 of 2015

AN ACT TO AMEND THE WESTPAC BANK OF TONGA ACT (CAP. 105)

I assent,

TUPOU VI,

27th May 2015.

BE IT ENACTED by the King and Legislative Assembly of Tonga in the

Legislature of the Kingdom as follows:

1 Short Title

(1) This Act may be cited as the Westpac Bank of Tonga (Amendment) Act 2015.

(2) In this Act, the Westpac Bank of Tonga Act (Cap 105), shall be referred to as

the Principal Act.

2 Section 3 amended

Section 3 of the Principal Act is hereby amended by inserting the following new

sub-section 3 –

“(3) Notwithstanding anything in sub-sections (1) and (2), the Bank shall

register as a company under the Companies Act as the Westpac Bank of

Tonga Limited.”

3 New section 14 inserted

The Principal Act is hereby amended by inserting the following new section 14 –

Section 3 Westpac Bank of Tonga (Amendment) Act 2015





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“Transitional and Savings

(1) Upon incorporation under section 3(3) of this Act as Westpac Bank of
Tonga Limited, all properties, rights and liabilities to which the Bank

was entitled or subject immediately before that date shall, by virtue of

this section, be vested in the Westpac Bank of Tonga Limited.

(2) The incorporation under section 3(3) of this Act does not –

(a) create a new legal entity;

(b) prejudice or affect the identity of the Bank or its continuity as a
legal entity;

(c) affect the property, rights or obligations of the Bank; or

(d) affect proceedings by or against the Bank.

(3) Notwithstanding the repeal of this Act, the provisions of this section

shall continue to be in force.”







Passed by the Legislative Assembly this 18th day of May 2015.